Direct tax collections up 27 percent in April-July

August 12th, 2011 - 9:10 pm ICT by IANS  

New Delhi, Aug 12 (IANS) Gross direct tax collection increased 26.63 percent to Rs.1,32,542 crore in April-July this year as compared to Rs.1,04,668 crore during the same period last year, on the back of sharp jump in the collection of corporate taxes, official data showed Friday.

Gross collection of corporate taxes jumped 29.56 percent to Rs.85,222 crore in the first four months of the fiscal period as compared to Rs.65,776 crore during the corresponding period of last year, according to the data released by the Central Board of Direct Taxes (CBDT).

Collections from personal income tax increased by 21.64 percent to Rs.47,214 crore during the period under review.

However, the net collections of direct taxes declined because of almost two-fold jump in tax refunds.

Net collections of direct taxes declined to Rs.78,679 crore in these months from Rs.85,647 crore in the same period last year. Tax refunds during this period increased 183.18 percent to Rs.5,863 crore.

Wealth tax collection increased 38.67 percent at Rs.104 crore.

However, collections of securities transaction tax declined 5.87 percent at Rs.1,555 crore in these months as against Rs.1,652 crore during the corresponding period of last year.

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